MIRA INFORM REPORT

Report No. :	309671
Report Date :	23.03.2015

IDENTIFICATION DETAILS

Name :	ADVANCE MULTITECH LIMITED
Registered Office :	36 Kothari Market, Kankaria Road, Ahmedabad – 380022, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.04.1979
Com. Reg. No.:	04-006698
Capital Investment / Paid-up Capital :	Rs.40.286 Millions
CIN No.: [Company Identification No.]	L51494GJ1979PLC006698
TAN No.: [Tax Deduction & Collection Account No.]	AHMA00545G
PAN No.: [Permanent Account No.]	AABCA8295M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Coated Fabric, Printed Blankets and Rubber Sheets.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 186891
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Reserves of the company seem to be low during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Mukesh Shah
Designation :	Accounts Manager
Contact No.:	91-9909929282
Date :	23.03.2015

LOCATIONS

Registered Office / Factory 1 :	36 Kothari Market, Kankaria Road, Ahmedabad – 380022, Gujarat, India
Tel. No. :	91-79-25450609 / 25454795
Mobile No. :	91-9909929282 (Mr. Mukesh Shah)
Fax No. :	91-79-25454586
E-Mail :	info@advancepetro.com advance93@hotmail.com info@advancemulti.com
Website :	www.advancemulti.com
Factory 2 :	Plot No: 167, Pirana Road, Piplaj, Ahmedabad – 382405, Gujarat, India
Tel. No. :	91-79-25715196 / 25711218
Fax No. :	91-79-5710027

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Ashokkumar Vishwanath Goenka
Designation :	Managing Director
Address :	20, Nutan Society, Near Mahalaxmi Char Rasta Paldi, Ahmedabad - 380007, Gujarat, India
Date of Birth/Age :	16.04.1955
Date of Appointment :	01.08.2011
PAN No.:	ABFPG3294C
DIN No.:	00086925
Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L23200GJ1985PLC008013	ADVANCE PETROCHEMICALS LIMITED	Managing director	01/08/2011	09/09/1985	-	Active	NO
2	U17119GJ1987PTC010002	HONEST SYNTHETICS PRIVATE LIMITED	Director	22/09/1987	22/09/1987	-	Active	NO
3	L51494GJ1979PLC006698	ADVANCE MULTITECH LIMITED	Director	20/11/1997	20/11/1997	-	Active	NO
4	U27106GJ2001PTC039978	RIDDHI STEEL AND TUBE PRIVATE LIMITED	Director	18/04/2009	24/09/2001	22/03/2013	Active	NO
5	U27100GJ2006PTC047716	ADVANCE STAINLESS PRIVATE LIMITED	Director	13/02/2006	13/02/2006	-	Active	NO

Name :	Mr. Arvind Vishwanath Goenka
Designation :	Managing Director
Address :	20, Nutan Society, Near Mahalaxmi Char Rasta Paldi, Ahmedabad - 380007, Gujarat, India
Date of Birth/Age :	01.07.1962
Date of Appointment :	01.04.2011
PAN No.:	ABFPG3259H
DIN No.:	00093200
Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L51494GJ1979PLC006698	ADVANCE MULTITECH LIMITED	Managing director	01/04/2011	09/07/1990	-	Active	NO
2	L23200GJ1985PLC008013	ADVANCE PETROCHEMICALS LIMITED	Director	20/11/1997	20/11/1997	-	Active	NO
3	U67110GJ1999PTC036543	ESS ESS INTERMEDIARIES PRIVATE LIMITED	Director	08/09/1999	08/09/1999	16/12/2011	Active	NO
4	U27100GJ2006PTC047716	ADVANCE STAINLESS PRIVATE LIMITED	Director	13/02/2006	13/02/2006	-	Active	NO

Name :	Mr. Shailesh Dhruv
Designation :	Whole-time director
Address :	404 / B, dev Preet, Near Aakash Neem Bungalows, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	24.11.1982
Date of Appointment :	20.01.1993
PAN No.:	AAJPD4327Q
DIN No.:	00176619
Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L51494GJ1979PLC006698	ADVANCE MULTITECH LIMITED	Whole-time director	01/04/2011	20/01/1993	Active	NO

Name :	Mr. Omprakash Jalan
Designation :	Director
Address :	17, Swaraj Nagar Society, B/H N.N. Vidhyalaya Opposite Manekbaug, Ambawadi, Ahmedabad, Gujarat, India
Date of Birth/Age :	14.04.1980
Date of Appointment :	30.07.2002
DIN No.:	00176876
Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L23200GJ1985PLC008013	ADVANCE PETROCHEMICALS LIMITED	Director	30/09/2014	30/07/2002	Active	NO
2	L51494GJ1979PLC006698	ADVANCE MULTITECH LIMITED	Director	30/09/2014	30/07/2002	Active	NO

Name :	Mr. Shaileshsingh Rajput
Designation :	Director
Address :	41 Gaurav Bunglows Opp Sindhwai Mata Temple C.T.M, Ahmedabad - 380045 Gujarat India
Date of Birth/Age :	02.05.1967
Date of Appointment :	30.09.2011
DIN No.:	00176962
Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L23200GJ1985PLC008013	ADVANCE PETROCHEMICALS LIMITED	Director	16/02/2001	16/02/2001	Active	NO
2	L51494GJ1979PLC006698	ADVANCE MULTITECH LIMITED	Director	30/09/2011	30/08/2011	Active	NO

Name :	Mr. Pulkit Goenka
Designation :	Director
Address :	20, Nutan Society, Near Mahalaxmi Char Rasta Paldi, Ahmedabad - 380007, Gujarat, India
Date of Birth/Age :	30.05.1983
Date of Appointment :	30.09.2009
PAN No.:	AGEPG6888Q
DIN No.:	00177230
Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27100GJ2006PTC047716	ADVANCE STAINLESS PRIVATE LIMITED	Director	13/02/2006	13/02/2006	Active	NO
2	L51494GJ1979PLC006698	ADVANCE MULTITECH LIMITED	Director	30/09/2009	30/07/2009	Active	NO

Name :	Mr. Nirish Jagabhai Parikh
Designation :	Director
Address :	E/11, Takshashila Flats, Vastrapur, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	02.07.1955
Date of Appointment :	30.09.2011
DIN No.:	03506494
Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L23200GJ1985PLC008013	ADVANCE PETROCHEMICALS LIMITED	Director	30/09/2014	12/05/2011	Active	NO
2	L51494GJ1979PLC006698	ADVANCE MULTITECH LIMITED	Director	30/09/2014	30/08/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Mukesh Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1548180	37.98
Sub Total	1548180	37.98
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1548180	37.98
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1133810	27.81
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	892491	21.89
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	502300	12.32
Sub Total	2528601	62.02
Total Public shareholding (B)	2528601	62.02
Total (A)+(B)	4076781	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4076781	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Coated Fabric, Printed Blankets and Rubber Sheets.

Products :

Item Code No. (ITC Code)	Product Description
59111000	Coated and Laminated with Rubber
40101290	Rubber Conveyor Belt
40059990	Unvalcavnise Rubber Compound Sheet

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

• Coated Fabric
• Printed Blankets
• Rubber Sheets

Countries :

Bangladesh

Imports :

Not Divulged

Terms :

Selling :

Cash

Purchasing :

Cash

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

No. of Employees :

70 (Approximately)

Bankers :

• Union Bank of India, Relief Road Branch, Ahmedabad-380001, Gujarat, India
• Oriental Bank of Commerce, C G Road Branch

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Term Loans From Banks	26.825	0.000
Short-term borrowings
Working Capital Loans From Banks	4.708	4.970
Total	31.533	4.970

Banking Relations :
Auditors :
Name :	Nahta Jain and Associates Chartered Accountants
Address :	211, First Floor, New Clothmarket, Ahmedabad:380002, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFN3524D
Memberships :	--
Collaborators :	--
Associates Companies :	Advance Petro Chemicals Limited Honest Synthetic Private Limited
Associates Concern :	Advance Synthetics Mills

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
41249910	Equity Shares	Rs.10/- each	Rs. 41.250 Millions

Subscribed & Fully Paid-up Capital :

No. of Shares	Type	Value	Amount
4028571	Equity Shares	Rs.10/- each	Rs. 40.286 Millions

Subscribed & Not Fully Paid-up Capital :

No. of Shares	Type	Value	Amount
4028571	Equity Shares	Rs.10/- each	Rs. 40.286 Millions
96420	Equity Shares	Rs. 5/- Each	Rs. 0.482 Millions
	TOTAL		Rs. 40.768 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.286	40.286	40.286
(b) Reserves & Surplus	25.126	22.797	21.263
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	65.412	63.083	61.549
(3) Non-Current Liabilities
(a) long-term borrowings	36.405	1.500	0.000
(b) Deferred tax liabilities (Net)	2.529	2.744	2.374
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	38.934	4.244	2.374
(4) Current Liabilities
(a) Short term borrowings	4.708	4.970	10.025
(b) Trade payables	56.248	52.951	25.359
(c) Other current liabilities	19.827	8.920	0.594
(d) Short-term provisions	0.600	0.485	0.642
Total Current Liabilities (4)	81.383	67.326	36.620
TOTAL	185.729	134.653	100.543
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	107.761	63.352	13.785
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.976	0.000	5.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.712	5.710	5.710
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.680	4.584	11.430
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	118.129	73.646	36.025
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.829	7.048	9.741
(c) Trade receivables	50.408	49.357	36.381
(d) Cash and cash equivalents	0.892	2.033	0.979
(e) Short-term loans and advances	3.471	2.569	17.417
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	67.600	61.007	64.518
TOTAL	185.729	134.653	100.543

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	90.325	73.626	68.034
	Other Income	0.364	2.426	0.924
	TOTAL (A)	90.689	76.052	68.958
Less	EXPENSES
	Cost of Material Consumed	47.878	42.683	48.811
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.840)	4.197	0.838
	Employees benefits expense	7.621	3.378	2.530
	Other expenses	25.691	18.204	12.149
	TOTAL (B)	76.350	68.462	64.328
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	14.339	7.590	4.630
Less	FINANCIAL EXPENSES (D)	6.423	2.573	1.480
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	7.916	5.017	3.150
Less/ Add	DEPRECIATION/ AMORTISATION (F)	5.232	2.628	2.115
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.684	2.389	1.035
Less	TAX (I)	0.356	0.855	0.431
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	2.328	1.534	0.604
	IMPORTS
	Raw Materials	0.000	0.708	0.000
	Capital Goods	22.749	39.641	0.000
	TOTAL IMPORTS	22.749	40.349	0.000
	Earnings / (Loss) Per Share (Rs.)	0.57	0.38	0.15

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.58	2.08	0.89
Operating Profit Margin (PBITD/Sales)	(%)	15.87	10.31	6.81
Return on Total Assets (PBT/Total Assets}	(%)	1.50	1.85	1.15
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.02
Debt Equity Ratio (Total Debt /Networth)		0.63	0.10	0.16
Current Ratio (Current Asset/Current Liability)		0.83	0.91	1.76

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	40.286	40.286	40.286
Reserves & Surplus	21.263	22.797	25.126
Net worth	61.549	63.083	65.412
long-term borrowings	0.000	1.500	36.405
Short term borrowings	10.025	4.970	4.708
Total borrowings	10.025	6.470	41.113
Debt/Equity ratio	0.163	0.103	0.629

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	68.034	73.626	90.325
		8.219	22.681

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR)	(INR)	(INR)
Sales	68.034	73.626	90.325
Profit	0.604	1.534	2.328
	0.89%	2.08%	2.58%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans Repayable on Demand	9.580	1.500
Total	9.580	1.500

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10417601	13/03/2013	42,900,000.00	ORIENTAL BANK OF COMMERCE	"NEEL KAMAL" OPP. SALES INDIA, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B72551716
2	10344199	13/03/2013 *	9,085,000.00	ORIENTAL BANK OF COMMERCE	"NEEL KAMAL" OPP. SALES INDIA, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B72552946
3	10344206	20/03/2012	38,962,000.00	ORIENTAL BANK OF COMMERCE	NEEL KAMAL OPP SALES INDIA, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B35800044

REVIEW OF OPERATION

During the year the company have registered a sales turnover of Rs.90.690 Millions in comparison to the figure of Rs.76.053 Millions of the previous year. Net Profit after tax has increased to Rs.2.328 Millions from Rs.1.534 Millions in comparison to the corresponding previous year. The Management is hopeful of achieving better results in years to come.

FIXED ASSETS

œ Factory Building

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.49
UK Pound	1	Rs.92.26
Euro	1	Rs.66.80

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RSM
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.